VN:R_U [1.9.21_1169]
Rating: 0.0/5 (0 votes cast)

For Canadians gambling online today, a multitude of deposit and withdrawal methods exist to make transacting with and playing at your favorite online casino a smooth, pleasant experience, as it rightfully should be. Along with the traditional methods of banking like credit and debit cards, there are now e-wallets, pre-paid cards and e-checks to choose from.

These methods provide players with increased privacy, high security, rapid speed of transacting and industry comparable transaction costs. The ongoing trend of using banking methods other than credit and debit cards was born out of the need of many players to keep their gaming transactions separate from their normal accounts which they use to cover their day to day living expenses.

When looking at the banking option which best suits your gaming needs the most important factors to consider would be security, privacy, speed of transaction and costs. We provided the following recommendations based on assessing the options on these factors.

Visa/MasterCard Credit Cards

Still the most widely used option for banking, the key advantages are the speed of transacting, security and availability at all reputable online casinos. While Visa provides the option to both deposit and withdraw money into your online casino account, at some casinos MasterCard only allows you to deposit. Along with this, Visa is also the most widely accepted credit card when it comes to depositing money at an online casino. Certain bank brands block certain transactions like online gambling, but from experience Visas issued in Canada have been shown to have the highest acceptance rate.

Using your credit card at an online casino is simply a matter of entering your credit card number and the amount you wish to deposit, and should your card have the necessary funds, the transfer of funds to your casino account will be instantaneous, allowing you to start playing as soon as you wish to.

Instadebit

Instadebit is a banking method which deposits and withdraws money directly to and from your Canadian banking account. Once you’ve created an account with Instadebit, any deposits that you make into your online casino account will be taken directly from your bank account or if you have a positive balance in the Instadebit account, funds will be take from this. Any winnings that you receive from a casino will also automatically be deposited into the Instadebit account, appearing as a positive balance.

There are no sign-up or monthly fees; the only fees that you’ll be subjected to are transfers from your bank to casino account, and transfer of funds from Instadebit to your bank account. These fees are $1 and $2 respectively.

Key benefits of using Instadebit is the ease of transfer to and from your Canadian bank account, the ability to transact at more than one casino of your choice and your personal information will be safe at all times since they’ll never be divulged to online casinos. A high level of confidentiality will be provided by the fact that transactions will show up on your bank statements as INSTADEBIT transactions.

For ease of use, service delivery, security and its’ fees structure, using Instadebit as a banking option for online gambling is our preferred choice for all Canadians.

E-Wallets

When certain banks started limiting and sometimes even blocking transactions with online casinos, electronic wallets, better known as e-wallets, headed the call to provide players with an alternative banking method. E-Wallets act as independent banking accounts and players can register online for the service. There is no registration cost or monthly fees if the account remains active on a monthly basis, the only fees involved are deposit and withdrawal fees to and from another banking supplier like your traditional bank.

E-wallets are essentially the middle men between you, your bank and the online casino. You recharge your e-wallet account directly through your credit card, bank transfer, wire transfer or through pre-paid vouchers. You then fund your online casino account through your specific e-wallet, never having to divulge your credit card details to the casino.

The major advantages you’ll gain from using an e-wallet is that you’ll be able to store funds in the account which will be readily accessible for you to use around the world at any casino of your choice, any winnings at a casino can be withdrawn directly into your account and finally the fact that if you do gamble at more than one online casino you will not have to give out any bank details to each of them. The e-wallet provider will be the only point at which you give out any banking details.

The list of recommended e-wallet providers:

  • Skrill
  • Neteller
  • ECO Card
  • Click and Buy
  • Click2Pay
  • My Citadel

 
Pre-paid Cards

Pre-paid cards are a convenient way of depositing money into your e-wallet or directly into your casino account without ever having to enter any of your banking details. The most widely accepted and prevalent pre-paid card system is Ukash. You simply buy vouchers at retail stores throughout Canada or purchase a voucher online for which you’ll receive a credit pin via e-mail. Once you have the pin, transacting with your online casino or e-wallet is as simple as going to the online cashier and choosing Ukash as a deposit option.

The credit amounts that can be purchased from Ukash range from $25 to $150, where they charge a nominal fee for the purchase. You are allowed to purchase a maximum of 5 vouchers at a time. Most online casinos don’t charge to use Ukash as a deposit method.

Key advantages are that it’s completely safe and discrete, deposits are instant and that most online casinos now accept Ukash. An added advantage is that it provides you with a mechanism to control the amount of money you gamble per session as we all know how tempting it can be to perpetually convince ourselves that “one more go” will bring us that juicy jackpot.

With Ukash you’ll only be able to deposit; to withdraw you’ll need to choose from the options of credit card, e-wallet, e-checks, checks or bank transfers.

You can purchase Ukash vouchers at the following retail outlets throughout Canada:

  • Esso
  • Gateway Newstands
  • Gas+
  • Essence+
  • Pioneer